Small
Assets
What is Items of value owned by the business.
Statement that shows the profitability or loss of a company.
Income Statement
Short-term Liability
What is borrowed money that must be repaid within oe year
Report that presents a company's financial position at the end of a specified period. Provides a snapshot of the company's assets, liabilities, and shareholder's equity.
Balance Sheet
What is Borrowed money that is repayable over a period longer than a year
Vendor/Supplier
Contingency fund
What is cash that is set aside fro unexpected needs of the business
Report that tracks how the company is doing with the cash to pay expenses.
Personal Expenses
What is Expenses incurred by the entrepreneur for goods and services for personal use rather than for use in the business.
Break Even Point
The point at which total cost and total revenue are equal, meaning there is no loss or gain for your small business.
represents the amount that a company owes to its creditors and suppliers (also referred to as a current liability account).
Accounts Payable
Accruing Costs
Planning a little each month for expenses that happen only once or twice a year.
Fiscal Year
A natural "year" to your business.
Crowdfunding
A social media call to action where anyone can donate funds to your start up
If you have a retail or service company, you collect this and then pay it to the state monthly.
Sales Tax
Accounts Receivable
amount owed to a business by its customers following a sale of goods or services on credit. The amount of $ you are collecting.
Classified as current assets on the balance sheet.
A report created to understand and measure future financial goals.
Budget
Purchase Order
Legally binding document created by a buyer to the seller committing to purchase goods or services.